RENEWAL PRIVILEGES Sample Clauses

RENEWAL PRIVILEGES. SECTION 20.01. Subject to the provisions of Sections 20.03 and 20.04 hereof, the term of this lease may, at the option of Sublessee, by written notice to Sublessor as herein provided, be renewed and extended as follows: FIRST RENEWAL TERM--May 30, 1976 to December 29, 1987 SECOND RENEWAL TERM--December 30, 1987 to December 29, 2008 THIRD RENEWAL TERM--December 30, 2008 to December 29, 2029 Any such renewal option shall be exercised by written notice given by Sublessee to Sublessor at least 18, and not more than 30, months prior to the commencement of the particular renewal term, and (subject to the provisions of Section 20.03 hereof) if such notice shall have so been given and this lease, and the Mesne Lease and the Ground Lease CON 5024 PAGE 599 74 shall be in effect on the day next preceding the commencement of such renewal term this lease shall thereupon be automatically renewed for such renewal term. Each renewal term shall be upon the same terms, covenants and conditions as in this lease provided, except that the basic rent for each renewal term shall be Eight Hundred Forty Four Thousand Dollars ($844,000) annually. There shall be no privilege to Sublessee of renewals of the terms of this lease beyond the Third Renewal Term referred to above. Payment of overage rent, all other additional rent and other charges on the part of Sublessee to be made as in this lease provided shall continue to be made during each of such renewal terms. Any termination of this lease terminate shall any right of renewal hereunder. SECTION 20.02. In the event that Sublessee shall fail to exercise its option to renew the term of this lease within the applicable period prescribed in this Article 20, Sublessor shall give notice thereof to any Leasehold Mortgagee entitled to notice under Section 18.04 hereof and any such Leasehold Mortgagee may, within 30 days after the giving of such notice, elect that this lease be renewed for the relevant renewal term upon the same terms, covenants and conditions and with the same effect as though such option had been exercised by Sublessee as in this Article 20 provided, expect that Sublessee shall not be the lessee in the renewal lease and shall have no obligations thereunder and the Leasehold Mortgagee shall deliver to Sublessor an assumption agreement, executed in recordable form, wherein and whereby such Leasehold Mortgagee or its designee shall assume the performance of all the terms, covenants and conditions of this lease as so renewed....
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RENEWAL PRIVILEGES. A season-ticket holder will generally have an opportunity to purchase season tickets to the Club's home preseason and regular season games for the 2023-2024 NBA season (“2023-2024 Season Tickets”) on terms to be established by the Warriors. However, such opportunity may be withdrawn should season-ticket holder fail to comply with these terms and conditions or otherwise default in the performance of any applicable duties or obligations under the Membership Agreement.
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RENEWAL PRIVILEGES. SECTION 17.01: There shall be no privilege to Lessee of renewal of the term of this Lease. The parties may or may not subsequently agree to renewal rights in Lessee; renewal thereunder shall be subject to all terms of this lease pertaining to renewal not specifically modified in writing as part of such subsequent agreement. There is no understanding or obligation with respect to such subsequent agreement or the discussion or negotiation thereof.
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RENEWAL PRIVILEGES. Section 20.01. The term of this Lease may, at the option of Lessee by written notice to Lessor as herein provided, be extended for three successive periods of twenty-three (23) years each (each such period of twenty three (23) years being herein sometimes referred to as a “renewal term”), provided that Lessee shall not he in default in the payment of any net rent or additional rent hereunder or in fulfilling any of the provisions of this Lease on its part to be fulfilled. Lessee shall notify Lessor in writing not less than eighteen (18) months prior to the expiration of the initial term or of each of the first two renewal terms that Lessee elects to extend the term of this Lease for a renewal term or further renewal term, as the case may be. Each renewal term shall be upon the same terms, covenants and conditions as in this Lease provided, except that the net rent for each of the three renewal terms shall be at the rate of Three Hundred Forty Thousand and 00/100 Dollars ($340,000) per annum, all of such rent to be payable in monthly installments, equal as nearly as may be, in advance; and except that there shall be no privilege to Lessee of renewals of the terms of this Lease beyond the third renewal term referred to above. Payment of all additional rent and other charges on the part of Lessee to be made as in this Lease provided shall continue to be made during each of such renewal terms. Any termination of this Lease shall terminate any right of renewal hereunder.
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RENEWAL PRIVILEGES. SECTION 20.01. Provided, at the respective times hereinafter set forth for the exercise of renewal options, this Lease shall be in full force and effect, the term of this Lease may, subject to the conditions set forth in Section 20.03 hereof, at the option of Lessee by written notice to Lessor as in this Article 20 provided, be extended for four (4) successive periods of twenty-one (21) years each, each such period of twenty-one (21) years being in this Lease sometimes referred to as a renewal term, as follows: First Renewal Term—January 5, 1992 to January 5, 2013 Second Renewal Term—January 5, 2013 to January 5, 2034 Third Renewal Term—January 5, 2034 to January 5, 2055 Fourth Renewal Term—January 5, 2055 to January 5, 2076 Lessee shall have the right to exercise the aforementioned options to renew by written notice to Lessor at the times specified as follows: (a) First Renewal Term—at any time from December 27, 1961, to January 5, 1990. (b) Second Renewal Term—at any time from January 5, 1992, to January 5, 2011. (c) Third Renewal Term—at any time from January 5, 2013, to January 5, 2032. (d) Fourth Renewal Term—at any time from January 5, 2034, to January 5, 2053. Except as in this Lease otherwise specifically provided, each renewal term shall be upon the same terms, covenants, agreements, provisions, conditions and limitations as in this Lease provided, except further that: (a) the net basic rent per annum for the first renewal term shall be ONE MILLION EIGHT HUNDRED FORTY THOUSAND AND 00/100 ($1,840,000.00) DOLLARS, payable in equal monthly instalments in advance on the 5th day of each calendar month and the net basic rent per annum for each of the last three (3) renewal terms shall be ONE MILLION SIX HUNDRED TEN THOUSAND AND 00/100 ($1,610,000.00) DOLLARS, payable in equal monthly instalments in advance on the 5th day of each calendar month; and (b) if the obligation to pay improvement net rent shall have become effective during the initial term, the improvement net rent per annum for the first renewal term shall be a sum equal to 4% of the total disbursement made by Lessor pursuant to Section 9.02 of this Lease, payable in equal monthly instalments in advance on the 5th day of each calendar month and the improvement net rent per annum for each of the last three (3) renewal terms shall be a sum equal to 3 1/2% of the total amount so disbursed, payable in equal monthly instalments in advance on the 5th day of each calendar month. Any monthly instalmen...
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RENEWAL PRIVILEGES. Section 17.01. So long as there shall not be an Event of Default and unless this Lease shall have been terminated pursuant to Article 15 or ARTICLE 19, Tenant shall have the option to renew the term of this Lease, by giving notice as provided in SECTION 22.01 for a further period of 5 years to commence on July 1, 2001 and to expire on June 30, 2006 upon all of the terms, covenants and conditions set forth in this Lease, except as provided in SECTION 17.03. Such renewal term shall be subject to termination by Landlord or Tenant pursuant to SECTION 19.01 and Section 19.02. Section 17.02. Tenant shall exercise its right to a renewal term by giving Landlord notice of its election so to do on or before June 30, 2000 and upon the giving of such notice this Lease, subject to the provisions of this Article, shall be deemed to be renewed and the term thereof extended for the renewal period without the execution of any further Lease or instrument. Section 17.03. The basic rent for the renewal term shall be $300,000 per annum payable in equal monthly installments of $25,000." 5. Article 19 is deleted in its entirety and replace with the following:
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RENEWAL PRIVILEGES 
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Related to RENEWAL PRIVILEGES

  • Policy Renewal/Expiration At least thirty (30) days prior to the expiration of any policy required by this Contract, evidence of renewal or replacement policies of insurance with terms no less favorable to OGS than the expiring policies shall be delivered to OGS in the manner required for service of notice in Paragraph A.3.

  • Renewal Option This Contract may be renewed under the same terms and conditions, subject to the approval of the Commissioner of the Department of Administration and the State Budget Director in compliance with IC § 5-22-17-4. The term of the renewed contract may not be longer than the term of the original Contract.

  • OPTION TO EXTEND THE TERM OF THE CONTRACT (MAR 2000)

  • Term and Renewal Options The term of service is 24 months (Initial Term). Following the expiration of the Initial Term, service under this option will continue on a month-to-month basis subject to the terms and conditions, including rates and discounts set forth under this option (Extension Term). The Company or the Customer may elect to forego the Extension Term by providing the other party written notice at least 60 days prior to the expiration of the Initial Term. Either party may terminate service during the Extension Term by providing the other party at least 60 days prior written notice. Term shall mean the Initial Term and the Extension Term.

  • Renewal Term If not sooner terminated, this Agreement shall renew at the end of the Initial Term and shall thereafter continue for successive annual periods, provided such continuance is specifically approved at least annually (i) by the Fund’s Board of Trustees or (ii) by a vote of a majority of the outstanding voting securities of the relevant portfolio of the Fund, provided that in either event the continuance is also approved by the majority of the Trustees of the Fund who are not interested persons (as defined in the 0000 Xxx) of any party to this Agreement by vote cast in person at a meeting called for the purpose of voting on such approval. If a plan under Rule 12b-1 of the 1940 Act is in effect, continuance of the plan and this Agreement must be approved at least annually by a majority of the Trustees of the Fund who are not interested persons (as defined in the 0000 Xxx) and have no financial interest in the operation of such plan or in any agreements related to such plan, cast in person at a meeting called for the purpose of voting on such approval.

  • Renewal Terms Immediately following the Initial Term this Agreement shall automatically renew for successive one-year periods (a “Renewal Term”).

  • Renewal Periods Renewal of registered names may be made in one (1) year increments for up to a maximum of ten (10) years. For the avoidance of doubt, renewal of registered names may not extend their registration period beyond ten (10) years from the time of the renewal.

  • Renewal Options a. Tenant shall have the right and option to renew the Lease (“Renewal Option”) for two (2) successive renewal periods of five (5) years each (each, an “Option Term”); provided, however, the Renewal Option is contingent upon the following: (i) there is not an Event of Default beyond all applicable cure period(s) at the time Tenant gives Landlord notice of Tenant’s intention to exercise the Renewal Option or at the expiration of the current Term; (ii) no event has occurred that upon notice or the passage of time would constitute an Event of Default, unless Landlord has given notice of default and Tenant is diligently attempting to cure such event; and (iii) Tenant is occupying the Premises. Following expiration of the final Option Term allowable hereunder, Tenant shall have no further right to renew the Lease pursuant to this Section 5. b. Tenant shall exercise the Renewal Option by giving Landlord notice at least one hundred eighty (180) days prior to the expiration of the current Term. If Tenant fails to give notice to Landlord prior to the 180-day period, then Tenant shall forfeit the Renewal Option. If Tenant exercises the Renewal Option, then during the Option Term, Landlord and Tenant’s respective rights, duties and obligations shall be governed by the terms and conditions of the Lease, except as provided otherwise in this Section. Time is of the essence in exercising the Renewal Option. c. The Base Rental for an Option Term shall be the Fair Market Rental Rate. “Fair Market Rental Rate” shall mean the market rental rate for the time period such determination is being made for office space in same class office buildings in the area of Murfreesboro, Tennessee (the “Area”) of comparable condition for space of equivalent quality, size, utility, and location. Such determination shall take into account all relevant factors, including, without limitation, the following matters: the credit standing of Tenant; the length of the term; the fact that Landlord will experience no vacancy period and that Tenant will not suffer the costs and business interruption associated with moving its offices and negotiating a new lease; construction allowances and other tenant concessions that would be available to tenants comparable to Tenant in the Area (such as moving expense allowance, free rent periods, and lease assumptions and take over provisions, if any, but specifically excluding the value of improvements installed in the Premises at Tenant’s cost), and whether adjustments are then being made in determining the rental rates for renewals in the Area because of concessions being offered by Landlord to Tenant (or the lack thereof for the Option Term in question). For purposes of such calculation, it will only be assumed that Landlord is paying a representative of Tenant a brokerage commission in connection with the Option Term in question if Landlord is in fact paying a brokerage commission to a representative of Tenant in connection with the applicable Option Term.

  • Base Term Commencing on the Expansion Premises Commencement Date, the defined term “Base Term” on page 1 of the Lease is deleted in its entirety and replaced with the following:

  • Option to Extend Term Tenant shall have the option (“Option”) to extend the Term by five (5) years as to the entire Premises (and no less than the entire Premises) upon the following terms and conditions. Any extension of the Term pursuant to the Option shall be on all the same terms and conditions as this Lease, except as follows: 42.1. Base Rent during the Option term (including annual escalations, if applicable) shall equal the then-current fair market value for comparable office and laboratory space in the Xxxxxx Xxxxx submarket of comparable age, quality, level of finish and proximity to amenities and public transit (“FMV”). Tenant may, no more than twelve (12) months prior to the date the Term is then scheduled to expire, request Landlord’s estimate of the FMV for the Option term. Landlord shall, within fifteen (15) days after receipt of such request, give Tenant a written proposal of such FMV. If Tenant gives written notice to exercise the Option, such notice shall specify whether Tenant accepts Landlord’s proposed estimate of FMV. If Tenant does not accept the FMV, then the parties shall endeavor to agree upon the FMV, taking into account all relevant factors, including (a) the size of the Premises, (b) the length of the Option term, (c) rent in comparable buildings in the relevant submarket, including concessions offered to new tenants, such as free rent, tenant improvement allowances and moving allowances, (d) Tenant’s creditworthiness and (e) the quality and location of the Building and the Project. In the event that the parties are unable to agree upon the FMV within thirty (30) days after Tenant notifies Landlord that Tenant is exercising the Option, then either party may request that the same be determined as follows: a senior officer of a nationally recognized leasing brokerage firm with local knowledge of the Xxxxxx Xxxxx laboratory/research and development leasing submarket (the “Baseball Arbitrator”) shall be selected and paid for jointly by Landlord and Tenant. If Landlord and Tenant are unable to agree upon the Baseball Arbitrator, then the same shall be designated by the local chapter of the American Arbitration Association or any successor organization thereto (the “AAA”). The Baseball Arbitrator selected by the parties or designated by the AAA shall (y) have at least ten (10) years’ experience in the leasing of laboratory/research and development space in the Xxxxxx Xxxxx submarket and (z) not have been employed or retained by either Landlord or Tenant or any affiliate of either for a period of at least ten (10) years prior to appointment pursuant hereto. Each of Landlord and Tenant shall submit to the Baseball Arbitrator and to the other party its determination of the FMV. The Baseball Arbitrator shall grant to Landlord and Tenant a hearing and the right to submit evidence. The Baseball Arbitrator shall determine which of the two (2) FMV determinations more closely represents the actual FMV. The arbitrator may not select any other FMV for the Premises other than one submitted by Landlord or Tenant. The FMV selected by the Baseball Arbitrator shall be binding upon Landlord and Tenant and shall serve as the basis for determination of Base Rent payable for the Option term. If, as of the commencement date of the Option term, the amount of Base Rent payable during the Option term shall not have been determined, then, pending such determination, Tenant shall pay Base Rent equal to the Base Rent payable with respect to the last year of the then-current Term. After the final determination of Base Rent payable for the Option term, the parties shall promptly execute a written amendment to this Lease specifying the amount of Base Rent to be paid during the Option term. Any failure of the parties to execute such amendment shall not affect the validity of the FMV determined pursuant to this Section. 42.2. The Option is not assignable separate and apart from this Lease. 42.3. The Option is conditional upon Tenant giving Landlord written notice of its election to exercise the Option on or before the date that is nine (9) months prior to the expiration of the then-current Term (such date, the “Option Date”). Time shall be of the essence as to Tenant’s exercise of the Option. Tenant assumes full responsibility for maintaining a record of the deadlines to exercise the Option. Tenant acknowledges that it would be inequitable to require Landlord to accept any exercise of the Option after the date provided for in this Section. 42.4. Notwithstanding anything contained in this Article to the contrary, Tenant shall not have the right to exercise the Option: (a) During the time commencing from the date Landlord delivers to Tenant a written notice that Tenant is in default under any provisions of this Lease and continuing until Tenant has cured the specified default to Landlord’s reasonable satisfaction; or (b) At any time after any Default as described in Article 31 of the Lease and continuing until Tenant cures any such Default, if such Default is susceptible to being cured; or (c) In the event that Tenant has defaulted in the performance of its obligations under this Lease two (2) or more times and a service or late charge has become payable under Section 31.1 for each of such defaults during the twelve (12)-month period immediately prior to the date that Tenant intends to exercise the Option, whether or not Tenant has cured such defaults. 42.5. The period of time within which Tenant may exercise the Option shall not be extended or enlarged by reason of Tenant’s inability to exercise such Option because of the provisions of Section 42.4. 42.6. All of Tenant’s rights under the provisions of the Option shall terminate and be of no further force or effect even after Tenant’s due and timely exercise of the Option if, after such exercise, but prior to the commencement date of the new term, (a) Tenant fails to pay to Landlord a monetary obligation of Tenant for a period of twenty (20) days after written notice from Landlord to Tenant, (b) Tenant fails to commence to cure a default (other than a monetary default) within thirty (30) days after the date Landlord gives notice to Tenant of such default or (c) Tenant has defaulted under this Lease two (2) or more times and a service or late charge under Section 31.1 has become payable for any such default, whether or not Tenant has cured such defaults.

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